The exchange rate between the U.S. dollar (US$) and the Hong Kong dollar (HK$) remained constant at

Question:

The between the U.S. dollar (US$) and the Hong Kong dollar (HK$) remained constant at HK$8.00 = US$1.00 throughout 2013. Horace Gardner (a U.S. citizen) lives and works in Hong Kong. In 2013, Gardner earned income in Hong Kong of HK$960,000, and paid taxes to the local government at the rate of 15 percent. Gardner qualifies for the foreign earned income exclusion.
Required:
a. Determine the amount of foreign earned income Horace Gardner included in his calculation of U.S. taxable income for the year 2013.
b. Determine the amount of foreign tax credit Horace Gardner was allowed to take in determining his U.S. tax liability for the year 2013.
c. Assuming Horace Gardner has a marginal U.S. tax rate of 28 percent, determine the amount of U.S. income taxes he paid on his foreign earned income in the year 2013. Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...